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Assume that you have just turned 1 8 ( Year 0 ) , have started college, and are planning for your retirement. You already have

Assume that you have just turned 18(Year 0), have started college, and are planning for your retirement. You already have $25,000 in your investment account (Year 0) that you have saved over the years. Because you are receiving a full, Bright Futures scholarship, you believe that you will be able to invest an additional $3,000 into your investment account on each of your 19th,20th, and 21st birthdays (Years 1,2, and 3). Because of moving and additional expenses associated with the start of a new job, you believe that you will only be able to invest $500 on your 22nd and 23rd birthdays (Years 4 and 5), even though you will have a job that pays well. You then expect to invest $6,000 each year on your 24 th through your 28th birthdays (Years 6-10), $12,000 each year on your 29th through 38th birthdays (Years 11-20), and $24,000 each year on your 39th through 55th birthdays (Years 21-37). During this 37-year period you are willing to take some investment risks and you believe that your investment account can earn a nominal annual rate of return of 11.0 percent, compounded monthly. At age 55 you plan to retire and will use the money in your investment account to buy (at Year 37) a 40-year, guaranteed annuity from an insurance company that will pay you a fixed amount on your 56th through 95th birthdays (Years 3877). Since this annuity is guaranteed, the insurance company uses a nominal annual rate of return of 4.4 percent, compounded semi-annually. Given this information, determine the amount you can expect to receive each year after you retire.
Enter your answer to the nearest dollar, truncated, with no punctuation. Note that Canvas may add commas. For example, if your answer is $30,255.79, enter "30255". Canvas will present this as "30,255".
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